TD Cowen Issues Pessimistic Forecast for SolarEdge Technologies (NASDAQ:SEDG) Stock Price

SolarEdge Technologies (NASDAQ:SEDG) had its target price dropped by TD Cowen from $16.00 to $11.00 in a research report issued on Thursday, Briefing.com reports. The firm presently has a “hold” rating on the semiconductor company’s stock. TD Cowen’s price objective indicates a potential downside of 25.04% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Roth Mkm reduced their target price on SolarEdge Technologies from $23.00 to $20.00 and set a “neutral” rating on the stock in a research note on Monday, October 21st. The Goldman Sachs Group reduced their price objective on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research report on Friday, August 9th. Bank of America downgraded SolarEdge Technologies from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $21.00 to $14.00 in a research report on Thursday. Mizuho reduced their price target on shares of SolarEdge Technologies from $40.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, September 19th. Finally, Morgan Stanley lowered their price objective on shares of SolarEdge Technologies from $28.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, SolarEdge Technologies currently has an average rating of “Hold” and an average target price of $26.83.

SolarEdge Technologies Stock Down 22.2 %

SEDG stock opened at $14.68 on Thursday. The company’s 50 day moving average is $19.54 and its 200 day moving average is $31.29. The stock has a market cap of $840.88 million, a price-to-earnings ratio of -1.63 and a beta of 1.59. The company has a current ratio of 5.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.32. SolarEdge Technologies has a 1-year low of $14.50 and a 1-year high of $103.15.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). The company had revenue of $265.41 million during the quarter, compared to the consensus estimate of $264.31 million. SolarEdge Technologies had a negative return on equity of 18.00% and a negative net margin of 33.86%. SolarEdge Technologies’s quarterly revenue was down 73.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.06 EPS. Sell-side analysts predict that SolarEdge Technologies will post -8.85 EPS for the current fiscal year.

Hedge Funds Weigh In On SolarEdge Technologies

A number of institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of SolarEdge Technologies in the 2nd quarter worth about $28,000. EntryPoint Capital LLC bought a new stake in SolarEdge Technologies during the first quarter worth about $64,000. KBC Group NV grew its holdings in SolarEdge Technologies by 95.8% in the third quarter. KBC Group NV now owns 2,816 shares of the semiconductor company’s stock worth $65,000 after purchasing an additional 1,378 shares during the period. First Pacific Financial increased its stake in shares of SolarEdge Technologies by 53.0% during the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 1,805 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in shares of SolarEdge Technologies by 243.6% during the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock valued at $156,000 after purchasing an additional 4,834 shares during the last quarter. Institutional investors own 95.10% of the company’s stock.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.